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Market. Almost half of Canadians are very close to insolvency. Larry started working when he was 9 years old so he knows all about this. His family had massive credit card debts. The world is extremely fragile from a growth perspective. Governments need to help the bottom half. He believes the first $40k of income should not be taxable. There are political solutions for hard issues like this that do not put the owness on the bank of Canada. He believes Trump will be impeached. He believes it will be disruptive. He likes earnings season so far in the US. Banks missed on earnings but the market handled it very well. Markets should be okay for a couple of weeks. He was aggressively selling into last week's strength and he thinks there is a bear market coming and we are heading into a recession. China has been running a 15% deficit for the last 15 years. It is the biggest bubble building in history. Interest rates cannot rise very much as we cannot afford it.

Educational Segment. Horizons' ETFs. The active ETFs' space has really taken off. Total return ETFs have done well also. Horizons has 33 actively managed ETFs. They started with fixed income. Active ETF MERs are 10 basis points more than passive ETFs. Their active ETFs are primarily in the yield space. They have a suite of ETFs with a unique Total Return Swap. Beta is important to a portfolio. They use derivatives that give them the return of the index on a totally dividend-reinvested basis every day. The ETFs generate a capital gain. These ETFs don't add any benefit to a registered account.

2/3rds of the stocks are Israeli stocks. Israel is the original hub of the chip. He loves the play as a long term theme. During periods of weakness it is something you accumulate. He is looking to add it to growth portfolios over the next few years.

Put Write vs. Covered Call strategies. Put write is the most defensive strategy. Buying long is the most aggressive. If you think there is limited upside you used covered calls. A put strategy is more defensive. You get yield off the market.

Its MER includes the MER of the underlying ETFs. Occasionally they get put some of the stocks and then they sell the stock and re-put the stock. You get a distribution when this happens as a return of capital. Volatility determines how many of their stocks they get put and have to sell.

Alternative asset classes. Many stocks go up and down together. Gold and commodities tend to be an alternative asset class. This is a way to generate gains when things are going to be difficult.

In an average recession earnings tend to drop 20%. The S&P should go down to 1500, the breakout of 2000 high.

Market. He is focused on those big companies that have deposit receipts (ADRs). There are markets that are not that safe but ADRs are. This was the last chance the Americans had the chance to rein in China and make it stick in terms of making them conform in terms if intellectual property rights. The manufacturing in China is trailing off and is impacting China. Chinese markets have had a steel correction. It has been pulled back hard. While FB-Q and AMZN-Q are mostly in the US, The Chinese companies are expanding much more. He is into them.

This is one of the Canadian retailers that has done fairly well. Everybody is impacted by AMZN-Q but CTC-T less so. The difficulty is that that he does not see growth beyond 2-3%. He needs 10%. He would not say to sell it if you are into it.

It is one of the best managed gold mines in Canada. They have a good team. Production in North America is safe. This is an excellent executing company but he does not own gold in his portfolios.

He owned it a year ago and got stopped out. It was not going in the correct direction. There has been bad news in the mean time. Unless you are going to trade it then let it form a base

It has been a turnaround management style since the low $30s. They bit off bit more than they could chew. They have spun off some Canadian assets because they loaded on the debt. It has the potential of a nice yield but he worries that they might be in a position that the growth part could be sold off. It is 6.8% after the dividend cut.

He was exited the REIT sector when the rates were making the turn. That does not mean there aren't good REIT companies in that sector. He thinks with interest rates rising, it would be a headwind on the sector. He would stick with the bigger guys.

The December period was bad in that the bottom fell out. We have electrification and lots of other things happen in the next decade. He would let it try to rally for you and sell into strength.

It has had a really good run. The Canadian companies are being tarnished with the same brush. There will be turmoil in this sector for a long time. He considers this to be more of a trading stock.